Patient Responsibility Estimator
With the growth of high-deductible payment plans and out-of-pocket responsibility for patients at an all-time high, collecting on those patients at time-of-service is crucial to your bottom line. In today’s healthcare environment, not only must you collect more money directly from your patients than ever before, you also need to ensure patient satisfaction so that you can guarantee repeat visits and positive online reviews, which help grow your organization by attracting new customers. It is a fine line to tread, and by being able to estimate patient responsible charges, you can increase patient loyalty and ensure payment for services.
A patient responsibility estimator can help inform patients of their financial responsibilities, educating them about any hidden costs they may not be expecting, and Imagine’s Estimation Tools offers just that: a snapshot in time of what the patient owes before they walk out the door, while allowing your staff to better educate patients, leaving them prepared and more likely to pay what they owe. As a result, you can collect much earlier in the revenue cycle and increase revenue while decreasing days in A/R.
How does it work? With Imagine’s medical billing estimation tools, patient responsible charges are calculated against your contracted rates with payers in real-time, providing an estimate of patient responsibility. This means there’s less confusion for the patient on what they owe, and your practice gets paid on time. As an essential part of any patient collection strategy, a patient responsibility estimator can also empower your staff to create an accurate estimate and assist with additional pricing inquiries in an informed manner, providing a more strategic approach to conversations on insurance co-pays, deductibles, and co-insurance. As patients continue to demand more and more transparency from their healthcare costs, Imagine’s Estimation Tools can provide an integrated solution for meeting these needs and helping patients determine when and how they will need to pay. Learn more about Medical Billing Estimation.